I would definitely say to go Conventional... FHA has MI for the life of the loan, why waste that money when you dont have to spend it? Unless your debt ratio is high Conventional is the way to go and even if your debt ratio is high it's worth paying something off to bring it down so that you can go conventional.
Specializing in Illinois and California
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 600 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 640 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*Closing loans in 3 - 3.5 weeks... more
Yes it is possible, this is a buyer market there are plenty of homes that are either short sales or foreclosures that are on the market for below market value. If you are interested in a market analysis for that area contact me... more